In Rc/201/1996 Of S.srinivasula Reddy v. The Commissioner Income Tax, the High Court (2010) decided the matter.
Issue: Whether the Income-tax Appellate Tribunal is right in holding that theexemption under sec.54B is available only to an assessee-individualand is not available to an assessee-HUF?
Summary auto-generated from the order below — read the full judgment for the complete reasoning.
THE HON’BLE SRI JUSTICE V.V.S.RAO AND
THE HON’BLE SRI JUSTICE RAMESH RANGANATHAN
R.C. No.201 of 1996
ORDER: (Per Hon’ble Sri Justice V.V.S.Rao)
This is a reference in respect of the assessment year 1980-
81. The Income Tax Appellate Tribunal referred the following sole
question to the High Court under Section 256(1) of the Income Tax
Act, 1961.
Whether the Income-tax Appellate Tribunal is right in holding that theexemption under sec.54B is available only to an assessee-individualand is not available to an assessee-HUF?
Even though notice is served on the assessee, none
appears. Therefore, we decline to answer the reference.
The R.C. stands disposed of accordingly.
_____________
V.V.S.RAO, J
___________________________
RAMESH RANGANATHAN, J
Date: 26.10.2010.
MRKR
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